Thailand regulator mulls revoking license of Huobi exchange

TL;Dr Breakdown Thailand regulator makes move to revoke Huobi license.Regulator has warned Huobi severally as exchange kept demanding for more time.Spain regulators also hunting for Huobi and 11 other crypto firms. Thailand regulators are preparing to take the bold step to revoke the license issued to top crypto exchange firm, Huobi. Thailand’s Securities and Exchange Commission (SEC) made the recommendation to the country finance ministry over allegations of failing to fix certain flaws in its system. The exchange is accused of violating rules with a flawed management structure and platform. The Thailand regulator is primarily pushing Huobi exchange to suspend its services and refund clients’ funds over the next 90 days. However, before revoking the license of the exchange, Thailand regulators have met severally with representatives of Huobi, pointing to flaws in the exchange. Regulators discovered certain flaws in Huobi structures and platforms back in March when they conducted a review on the exchange firm. These flaws violated local regulation, yet the exchange was uncooperative. Huobi, despite enough time to fix the flaw they kept on asking for an extension of the deadline. The latest recommendation to revoke Huobi’s license came after the exchange failed to rectify the critical flaws even after five months of the initial warning. However, the Thailand regulators are becoming stricter towards crypto firms after Binance c...